Return On Home Improvement Investments
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Return On Home Improvement Investments
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| While our homes are the places where we
live, work, play and relax, they are also usually our
biggest single investment. Therefore it is important to
consider the effect that any alterations to your home
would have on that investment. The type of improvements
you make should also take into account the amount of time
you plan to stay in your current home. The table below
with information compiled by Remodeling magazine, shows
roughly what certain types of projects should cost, as
well as the immediate resale value of the work and
percentage of cost recouped in a same-year sale. Updating and remodeling kitchens and baths will add the most value to your home. In some markets, these projects will return more than 100% of the cost if the home is sold within a year. If the home is kept longer, returns should increase, according to Remodeling magazine |
Description Of Remodeling Work |
Job Cost | Resale Value | Cost Recouped | ||
| Minor
Kitchen Remodel Replace cabinet dooors, oven and cooktop, laminate countertops, sink, faucet and floor, repaint |
$8,507 | $8,030 | 94% | ||
| Bathroom addition Add a second bath to a house with 1 or 1.5 baths;include ceramic tile and linen closet |
11,645 | 10,593 | 91 | ||
| Major Kitchen
Remodel Redesign kitchen, replacing all of the above, plus built in microwave, custom lighting, island. |
21,262 | 19,190 | 90 | ||
| Master Suite In a house with 2-3 bedrooms, add a 24-foot by 16-foot master suite with walk-in closet, whirlpool tub, separate shower. |
36,472 | 30,530 | 84 | ||
| Attic Bedroom In a 2-3 bedroom house, convert unfinished attic space with bedroom and shower/bath. |
22,840 | 19,084 | 84 | ||
| Two-Story Addition First-floor family room and second floor bedroom with full bath. |
55,687 | 46,236 | 83 | ||
| Family Room Addition Add a 16- by 25-foot room with skylights, hardwood tongue-and-groove floor, fireplace. |
31,846 | 26,483 | 83 | ||
| Bathroom Remodel Update existing bath with new tub, toilet, vanity, medicine cabinet, lighting, tile. |
8,423 | 6,480 | 77 | ||
| Replace Windows 10 new 3'x5' aluminum-clad windows with trim. |
6,112 | 4,536 | 74 | ||
| Replace Siding 1,250 square feet of new vinyl or aluminum siding and trim. |
5,458 | 3,983 | 73 | ||
| Deck Addition 16'x20' deck of pressure-treated pine including built-in-bench, railings and planter. |
6,172 | 4,459 | 72 | ||
| Home Office Convert existing room into office with custom cabinetry and re-wiring for electronic equipment |
8,103 | 5,423 | 67 | ||
| Source: Remodeling magazine, 1996-1997 Cost vs. Value Report. | |||||